News

VendTek shuts down distribution channel

March 11, 2002

VANCOUVER, British Columbia - Seeking fresher ways to do business, self-service technology vendor VendTek Systems Inc.(CDNX:VSI) has ended a distribution and revenue sharing agreement with UK distributor ROK Communications Ltd. The agreement had covered VendTek's e-Fresh network of pre-paid cellular distribution and payment kiosks.

VendTek officials said the agreements had led to more than $6 million in sales and $450,000 in licensing revenues for the company, but that a shifting market climate made change necessary.

"The fast changing market conditions outmoded the contractual relationship between our companies," VendTek president Paul Brock said in a news release. "As a result, the companies have agreed to terminate their product exclusivity and revenue sharing agreements and VendTek has entered into a new support agreement for the system already sold and operating in the UK."